Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

Note 9—Leases

The Company has two operating leases for office and manufacturing space which requires it to pay base rent and certain utilities. Monthly rent expense is recognized on a straight-line basis over the terms of the leases, which expire in 2027 and 2021.

At March 31, 2021, the weighted average remaining lease term was seven years. The operating leases are included in the balance sheet at the present value of the lease payments at a 7% discount rate, which approximates using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment as the leases do not provide an implicit rate.

For each of the three months ended March 31, 2021 and 2020, operating lease expense and cash paid for leases were $0.1 million. Operating lease right-of-use assets amortization was $0.1 million for each the three months ended March 31, 2021 and 2020. Variable costs are de minimis.

The following table presents the lease liabilities within the condensed balance sheet, related to the Company’s operating leases as of March 31, 2021 (in thousands):

 

Years Ending December 31,

 

 

 

 

2021 (remaining nine months)

 

$

396

 

2022

 

 

432

 

2023

 

 

445

 

2024

 

 

459

 

2025

 

 

472

 

2026

 

 

486

 

Thereafter

 

 

501

 

Total operating lease payments

 

$

3,191

 

Less: imputed interest

 

 

(658

)

Total operating lease liabilities

 

$

2,533